The acting president of Venezuela, Delcy Rodríguez, announced on Monday the entry into the country of 300 million dollars from oil sales, resources that —according to her— will be allocated to the foreign exchange market and the national banking system to "protect the purchasing power of workers."
In a video posted on his Facebook account, Rodríguez stated: “Today we must report that resources from oil sales have been received, and of the first 500 million, 300 million have been received. These resources will be used to cover and finance the income of our workers, to protect the purchasing power of the workers of Venezuela, to shield them from inflation, and to protect them from the negative impact of fluctuations in the currency market.”
Rodríguez stated that these initial flows "will be used and employed through the foreign exchange market in Venezuela, the national banking system, and the Central Bank of Venezuela, precisely to consolidate and stabilize the market, and to protect the income and purchasing power of our workers.”
The announcement was made from the socialist commune Hugo Salas, where the president took part in an activity with community spokespersons. In the same post, Rodríguez reiterated that the funds "will go to the foreign exchange market through the BCV and the national banking system, to protect workers' income and the purchasing power of Venezuelans from inflation.”
The reported income is part of the oil resources generated following the reactivation of Venezuelan oil production and export, which began in early January in coordination with the United States.
Days earlier, Rodríguez had explained to the National Assembly that the revenue from the energy agreements with Washington would be managed through two sovereign funds designated for social programs and national infrastructure.
In that statement, the interim president asserted that Venezuela is moving towards "a mixed model, more flexible, that promotes efficiency and guarantees direct income to the country."
Since the capture of Nicolás Maduro on January 3, the transitional government has promoted the recovery of the oil industry as part of the economic stabilization plan supported by the administration of U.S. President Donald Trump and Secretary of State Marco Rubio.
The reactivation of wells and the resumption of exports mark the first significant increase in Venezuela's oil revenues in over a year, according to energy sector sources cited by Reuters.
Rodríguez did not specify what portion of the incoming funds will be used directly for the foreign exchange market or when its implementation will begin, although he reiterated that the goal is to "consolidate economic stability and protect workers' income."
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